Glossary

  • Public blockchain: a public blockchain is a blockchain that anyone in the world can read, anyone in the world can send transactions to and expect to see them included if they are valid, and anyone in the world can participate in the consensus process. These blockchains are generally considered to be “fully decentralised”.

  • Cryptocurrency: A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.

  • Consortium blockchain: a consortium blockchain is a blockchain in which the consensus process is controlled by a pre-selected set of nodes. The right to read the blockchain may be public, or restricted to the participants. These blockchains may be considered “partially decentralised”.

  • Private blockchain: a fully private blockchain is a blockchain in which writing permissions are kept centralised for a single organisation. Reading permissions may be public or restricted to an arbitrary extent.

  • Smart contract: A smart contract is a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract. It’s software with the ability of self-executing when one or many conditions are met.

  • Ethereum: Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality. It provides a decentralised virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.

  • ICO: It stands for Initial Coin Offering. It’s an unregulated means of crowdfunding via use of cryptocurrency, which can be a source of capital for start-up companies.

  • DAO: is an organisation that is run through rules encoded as computer programs called smart contracts. A DAO’s financial transaction record and program rules are maintained on a blockchain.

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Blockchain in the Energy Sector

EIT InnoEnergy